WASHINGTON, D.C. (June 28, 2023) — Mortgage applications increased 3.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 23, 2023. This week’s results include an adjustment for Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week and was 32 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 21 percent lower than the same week one year ago.

“Mortgage rate changes varied across loan types last week, with the 30-year fixed rate increasing slightly to 6.75 percent. The spread between the jumbo and conforming rates widened to 16 basis points, the third week in a row that the jumbo rate was higher than the conforming rate. To put this into perspective, from May 2022 to May 2023, the jumbo rate averaged around 30 basis points less than the conforming rate,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications increased for the third consecutive week to the highest level of activity since early May but remained more than 20 percent lower than year ago levels. New home sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market. Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.”

The refinance share of mortgage activity increased to 27.2 percent of total applications from 26.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent of total applications.

The FHA share of total applications decreased to 12.9 percent from 13.3 percent the week prior. The VA share of total applications increased to 12.2 percent from 11.9 percent the week prior. The USDA share of total applications remained unchanged at 0.4 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.75 percent from 6.73 percent, with points remaining at 0.64 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $726,200) increased to 6.91 percent from 6.80 percent, with points increasing to 0.69 from 0.49 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.63 percent from 6.74 percent, with points increasing to 1.08 from 1.03 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.23 percent from 6.26 percent, with points decreasing to 0.69 from 0.71 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 6.28 percent from 6.09 percent, with points decreasing to 1.02 from 1.40 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or click here.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100.

SAN FRANCISCO, Calif., June 13, 2023 – Nomis Solutions (Nomis), the leading provider of end-to-end pricing lifecycle management technology, announced that client success veteran Amy Chase has been tapped as Senior Vice President of Services. Chase will be responsible for leading implementations of Nomis Solutions and delivering ongoing services to existing clients.

“Amy is a recognized leader in software services who understands the needs of customers, employees, and investors. She is a passionate customer advocate, and we’re excited to have her as a member of our leadership team,” said Greg Demas, president of Nomis Solutions.

Chase has nearly 20 years of experience in professional services and client success. Previously, Chase was the vice president of customer success for global software company Blackbaud and software provider Frontline Education. She brings expertise in growing cloud-based software companies and transforming the client experience to ensure clients are achieving their business outcomes. As a proven leader in services, she has overseen the automation of critical processes, business process reengineering, product and service launches, sales and business development and renewal execution.  

“In this stage of Nomis’ growth, there is a tremendous opportunity to leverage our industry expertise to provide consultative guidance to our client base and bring new service offerings and capabilities to market. Client-first strategies are key to doing so effectively,” said Chase. “Throughout my career, I’ve been an internal champion for the customer's voice, and I look forward to continuing that effort at Nomis to ensure our client's needs remain at the forefront of our strategy.”

Will Serve as SVP, National Commercial Underwriting Counsel

Needham, MA June 13, 2023--Kriss Law/Atlantic Closing & Escrow (“KL/ACE”), a national, attorney-driven settlement services firm, has appointed industry veteran Andrew Bramhall to serve in the role of SVP, National Commercial Underwriting Counsel. He will be asked to help grow the company’s established Commercial Services Division as well as supporting clients and facilitating complex transactions.

Bramhall has nearly two decades of experience underwriting commercial real estate transactions. He has served as national counsel for the country’s largest title insurers, including Chicago Title’s New York and Washington D.C. National Commercial Services direct offices as well as First American’s Washington D.C. National Commercial Services operation.  He has helped facilitate settlements in nearly every state, from single-site office buildings to multi-state industrial and hospitality portfolios. Bramhall is a graduate of the University of Richmond as well as the University of Baltimore School of Law.

“We are pleased to have Andrew join our team,” said Len Franco, President, KL/ACE Commercial Services Division. “The experience, industry knowledge and customer focus he brings will provide our clients with an unparalleled underwriting experience.”

Bramhall will be based in KL/ACE’s Needham, Massachusetts-based headquarters.